Rising home prices float underwater mortgages in Oregon

Rising home prices float underwater mortgages in Oregon

In the Portland area, only 5.2% of all residential properties with a mortgage held a negative equity position in the first quarter of 2014.

Irvine, California-based CoreLogic (NYSE: CLGX) reports that the number of underwater mortgages is falling as rising prices push values above the break-even point.

“Prices continue to rise across most of the country and significantly fewer borrowers are underwater today compared to last year,” said Anand Nallathambi, president and CEO of CoreLogic. “An additional rise in home prices of 5 percent, which we are projecting will occur over the next 12 months, will lift another 1.2 million properties out of the negative equity trap.”

Read more at Portland Business Journal